Reshuffle at wines and spirits business comes as luxury sector deals with slowing growth and possibility of US tariffs
When pop star Katy Perry performed clad in jeweller Tiffany’s signature shade of robin egg blue at the reopening of the New York flagship store last year, Alexandre Arnault was offstage — but behind the scenes he was front and centre. The third child of LVMH’s billionaire chief executive Bernard Arnault, Alexandre had, as second-in-command at the US company, been working on its turnaround since the luxury group bought it for $15.8bn following laborious negotiations in 2021.
Watch and jewellery revenues group-wide fell 3 per cent on an organic basis in the first nine months of this to €7.5bn amid persistent market weakness, particularly in China and, for Tiffany, among US aspirational shoppers. Tiffany is now the fourth-biggest contributor to earnings among the group’s roughly 100 brands, according to HSBC.
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